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In a large bowl, beat together the peanut butter and butter until smooth. Beat in the vanilla.
Gradually mix in the powdered sugar until fully combined and a dough forms. Fold in the rice krispies.
Roll the dough into 1-inch balls and chill for 30 minutes on a parchment-lined baking sheet.
Melt the chocolate coating according to package directions. Dip or drizzle the chilled peanut butter balls completely in chocolate.
Optionally decorate with crushed peanuts, sprinkles, extra rice crispies, etc. Let chocolate set completely before serving.
Store at room temp for up to 2 weeks, refrigerated for up to 1 month, or frozen for up to 3 months.
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